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Registration number: 4304081

Hawkins Group of Companies Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2023

 

Hawkins Group of Companies Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 29

 

Hawkins Group of Companies Limited

Company Information

Directors

Mr Paul Beresford Jackson

Mr Michael David Hawkins

Registered office

4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

Bankers

NatWest Bank
1 Town Hall Buildings
Bridge St
Banbury
Oxfordshire
OX16 5JS

Auditors

Just Audit & Assurance Ltd
Statutory Auditors
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

 

Hawkins Group of Companies Limited

Strategic Report for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

Principal activity

The principal activity of the group is that of management services and leasing of equipment to its subsidiaries. The group company activities continued to be the manufacture of other fabricated metal products and commercial roofing services.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

We consider our key performance indicators are those that communicate the financial performance and strength of the company and the group as a whole, these being turnover, profits and return on capital employed

. Turnover has decreased by 9.2% compared to the previous year.

Return on capital employed has decreased to 22.4% (2021 - 46.4%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes net assets.

Operating profit was £2,692,885 (2021 - £4,657,670). Profit after taxation is £2,222,701 (2021 - £3,862,494).

During the year to 30th September 2022 only very small disruption was caused by the Covid 19 pandemic, the Directors expect in 2022/23 full normal trading conditions will return.

The business market we operate in continues to be challenging. However, the directors are confident of achieving continued profitability.

Principal risks and uncertainties

The principal financial risks faced by the company and the group, and their objectives and policies in relation to those risks are as follows:

Cash flow risk: The company and the group closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company and the group's policy to ensure that forecast funding requirements can be met from available facilities.

Credit risk: Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company and the group if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.

The directors are aware of the risk to the business from Brexit and are reviewing possible outcomes. However it is at present considered that any outcome will have little impact on the group.

Approved by the Board on 21 February 2024 and signed on its behalf by:

.......................................................

Mr Michael David Hawkins
Director

 

Hawkins Group of Companies Limited

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the for the year ended 30 September 2023.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Just Audit & Assurance Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 21 February 2024 and signed on its behalf by:

................................................

Mr Michael David Hawkins
Director

 

Hawkins Group of Companies Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hawkins Group of Companies Limited

Independent Auditor's Report to the Members of Hawkins Group of Companies Limited

Opinion

We have audited the financial statements of Hawkins Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Hawkins Group of Companies Limited

Independent Auditor's Report to the Members of Hawkins Group of Companies Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Hawkins Group of Companies Limited

Independent Auditor's Report to the Members of Hawkins Group of Companies Limited

Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:
• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



.................................................

Jonathan Russell F.C.A (Senior Statutory Auditor)
For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor

4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

21 February 2024

 

Hawkins Group of Companies Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

20,299,307

18,117,954

Cost of sales

 

(13,634,136)

(11,631,252)

Gross profit

 

6,665,171

6,486,702

Administrative expenses

 

(3,472,934)

(3,693,817)

Other operating income

4

42,051

-

Operating profit

6

3,234,288

2,792,885

Other interest receivable and similar income

7

376,456

72,057

Profit before tax

 

3,610,744

2,864,942

Tax on profit

11

(771,679)

(561,241)

Profit for the financial year

 

2,839,065

2,303,701

Profit/(loss) attributable to:

 

Owners of the company

 

2,839,065

2,303,701

The group has no recognised gains or losses for the year other than the results above.

 

Hawkins Group of Companies Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2023

2023
£

2022
£

Profit for the year

2,839,065

2,303,701

Total comprehensive income for the year

2,839,065

2,303,701

Total comprehensive income attributable to:

Owners of the company

2,839,065

2,303,701

 

Hawkins Group of Companies Limited

(Registration number: 4304081)
Consolidated Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

1,516,925

1,108,211

Investments

14

27,884

1,791,201

 

1,544,809

2,899,412

Current assets

 

Stocks

15

39,128

38,850

Debtors

16

5,828,354

3,714,877

Cash at bank and in hand

 

13,071,022

10,687,172

 

18,938,504

14,440,899

Creditors: Amounts falling due within one year

18

(5,877,636)

(4,722,535)

Net current assets

 

13,060,868

9,718,364

Total assets less current liabilities

 

14,605,677

12,617,776

Provisions for liabilities

19

(342,121)

(193,285)

Net assets

 

14,263,556

12,424,491

Capital and reserves

 

Called up share capital

22

40

40

Capital redemption reserve

65

65

Profit and loss account

14,263,451

12,424,386

Equity attributable to owners of the company

 

14,263,556

12,424,491

Total equity

 

14,263,556

12,424,491

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:

.........................................
 

Mr Michael David Hawkins

Director

 

Hawkins Group of Companies Limited

(Registration number: 4304081)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

1,516,925

1,108,211

Investments

14

28,890

1,792,207

 

1,545,815

2,900,418

Current assets

 

Debtors

16

2,144,059

1,093,122

Cash at bank and in hand

 

9,578,813

7,126,792

 

11,722,872

8,219,914

Creditors: Amounts falling due within one year

18

(4,439,462)

(4,016,756)

Net current assets

 

7,283,410

4,203,158

Total assets less current liabilities

 

8,829,225

7,103,576

Provisions for liabilities

19

(342,121)

(193,285)

Net assets

 

8,487,104

6,910,291

Capital and reserves

 

Called up share capital

40

40

Capital redemption reserve

65

65

Profit and loss account

8,486,999

6,910,186

Total equity

 

8,487,104

6,910,291

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

......................................

Mr Michael David Hawkins

Director

 

Hawkins Group of Companies Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

40

65

12,424,386

12,424,491

Profit for the year

-

-

2,839,065

2,839,065

Total comprehensive income

-

-

2,839,065

2,839,065

Dividends

-

-

(1,000,000)

(1,000,000)

At 30 September 2023

40

65

14,263,451

14,263,556

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 October 2021

40

65

10,120,685

10,120,790

Profit for the year

-

-

2,303,701

2,303,701

Total comprehensive income

-

-

2,303,701

2,303,701

At 30 September 2022

40

65

12,424,386

12,424,491

 

Hawkins Group of Companies Limited

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 October 2022

40

65

6,910,186

6,910,291

Profit for the year

-

-

2,576,813

2,576,813

Dividends

-

-

(1,000,000)

(1,000,000)

At 30 September 2023

40

65

8,486,999

8,487,104

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 October 2021

40

65

5,863,684

5,863,789

Profit for the year

-

-

1,046,502

1,046,502

At 30 September 2022

40

65

6,910,186

6,910,291

 

Hawkins Group of Companies Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

2,839,065

2,303,701

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

283,977

244,361

Profit on disposal of tangible assets

5

(32,863)

(61,136)

(Profit)/loss from sales of investments

5

(71,867)

225,488

Finance income

7

(376,456)

(72,057)

Corporation tax expense

11

771,679

561,241

 

3,413,535

3,201,598

Working capital adjustments

 

(Increase)/decrease in stocks

15

(278)

6,580

Increase in debtors

16

(2,139,293)

(659,613)

Increase/(decrease) in creditors

18

1,029,966

(18,771)

Cash generated from operations

 

2,303,930

2,529,794

Corporation tax paid

11

(471,892)

(624,014)

Net cash flow from operating activities

 

1,832,038

1,905,780

Cash flows from investing activities

 

Interest received

343,184

51,158

Acquisitions of tangible assets

(733,519)

(647,589)

Proceeds from sale of tangible assets

 

73,690

234,096

Proceeds from sale of investments

 

1,835,185

617

Dividend income

33,272

20,899

Net cash flows from investing activities

 

1,551,812

(340,819)

Cash flows from financing activities

 

Dividends paid

(1,000,000)

-

Net increase in cash and cash equivalents

 

2,383,850

1,564,961

Cash and cash equivalents at 1 October

 

10,687,172

9,122,211

Cash and cash equivalents at 30 September

 

13,071,022

10,687,172

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

The address of its registered office is:
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

The principal place of business is:
Unit 9a
Thorpe Way
Banbury
Oxfordshire
OX16 4SP

2

Accounting policies

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2023.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006. Its profit for the financial year was £1,576,813 (2022 £1,046,502 ).

Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Going concern

The financial statements have been prepared on a going concern basis.

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Turnover from the provision of goods and services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Payments on account are deducted from amounts recoverable on long term contracts and where they exceed the value of work carried out are shown in creditors.

Deferred Tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures, fitting and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

The group operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

3

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management have been required to make judgements, estimates and assumptions. These estimates which relate to the carrying values of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an ongoing basis.

Fixed Assets

In determining the depreciation rate, management's best estimate of the expected useful economic life of each asset class has been used in determining the rate applied.

Stock

In determining the net realisable value of stock, management provide for any stock items which they believe to be slow moving or obsolete.

Trade Debtors

In determining the recoverability of trade debtors, management provide for any trade debtors that they believe not to be recoverable.

Amounts Recoverable Under Contracts

In determining the amounts recoverable under contracts, management calculate the percentage of budgeted costs that have actually been used and use this as the percentage of the contract value to work out percentage of completion.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

42,051

-

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain/loss on disposal of property, plant and equipment

32,863

61,136

(Gain) loss on investment

71,867

(225,488)

104,730

(164,352)

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

6

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Operating leases - land & buildings

275,736

295,417

(Profit)/loss on disposal of tangible fixed assets

(32,863)

(61,136)

Depreciation of owned assets

283,977

244,361

Auditor's remuneration - The audit of the group's annual accounts

24,454

25,075

Auditor's remuneration - Other services

2,500

2,500

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

343,184

51,158

Dividend income

33,272

20,899

376,456

72,057

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

3,491,549

3,547,874

Social security costs

91,157

109,468

Pension costs, defined contribution scheme

229,591

168,100

3,812,297

3,825,442

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

48

48

Administration and support

31

31

79

79

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

510,871

645,619

Contributions paid to money purchase schemes

32,281

16,505

543,152

662,124

During the year the number of directors who were accruing benefits under money purchase pension schemes was as follows::

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2023
£

2022
£

Remuneration

268,971

348,948

In the opinion of of the directors, key management personnel are considered to be the directors only.

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

24,454

25,075

Other fees to auditors

All other services

2,500

2,500


 

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

685,108

511,497

UK corporation tax adjustment to prior periods

(62,264)

21

622,844

511,518

Deferred taxation

Arising from origination and reversal of timing differences

148,835

49,723

Tax expense in the income statement

771,679

561,241

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,610,744

2,864,942

Corporation tax at standard rate

902,686

544,339

Tax decrease from effect of capital allowances and depreciation

(131,007)

-

Tax increase from effect of adjustment in research and development tax credit

-

16,902

Total tax charge

771,679

561,241

Group

12

Profits of parent company

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £1,576,813 (2022 £1,046,502).

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

13

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

452,654

728,811

840,516

2,021,981

Additions

169,448

346,802

217,269

733,519

Disposals

-

(106,908)

(110,503)

(217,411)

At 30 September 2023

622,102

968,705

947,282

2,538,089

Depreciation

At 1 October 2022

259,489

265,611

388,670

913,770

Charge for the year

60,469

138,755

84,754

283,978

Eliminated on disposal

-

(74,086)

(102,498)

(176,584)

At 30 September 2023

319,958

330,280

370,926

1,021,164

Carrying amount

At 30 September 2023

302,144

638,425

576,356

1,516,925

At 30 September 2022

193,165

463,200

451,846

1,108,211

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Company

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

452,654

728,811

840,516

2,021,981

Additions

169,448

346,802

217,269

733,519

Disposals

-

(106,908)

(110,503)

(217,411)

At 30 September 2023

622,102

968,705

947,282

2,538,089

Depreciation

At 1 October 2022

259,489

265,611

388,670

913,770

Charge for the year

60,469

138,755

84,754

283,978

Eliminated on disposal

-

(74,086)

(102,498)

(176,584)

At 30 September 2023

319,958

330,280

370,926

1,021,164

Carrying amount

At 30 September 2023

302,144

638,425

576,356

1,516,925

At 30 September 2022

193,165

463,200

451,846

1,108,211

14

Investments

Group & Company

2023
£

2022
£

Investments in subsidiaries

1,006

1,006

Investments in associates

2,500

2,500

Shares in group undertakings and participating interests

3,506

3,506

-

Other investments

25,384

1,788,701

Total Investments group

33,890

1,791,201

Subsidiaries

£

Cost

At 1 October 2022

1,006

At 30 September 2023

1,006

Net book value

At 30 September 2023

1,006

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Associates

£

Cost

At 1 October 2022

2,500

At 30 September 2023

2,500

Net book value

At 30 September 2023

2,500

At 30 September 2022

2,500

Aggregate financial information of associates

The group has the following aggregate investments in associates:

2023
£

2022
£

Share of total assets

8,918

8,994

Share of total liabilities

(109)

(86)

Share of net assets

8,809

8,908

Share of profit or loss

(416)

(318)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group or the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Hawkins Roofing Limited

Ordinary shares

100%

100%

       

Hawkins Steel Limited

Ordinary shares

100%

100%

         

Hawkins Projects Limited

Ordinary shares

100%

100%

         

Hawkins Steel (UK) Ltd

Ordinary shares

100%

100%

         

Associates

Hawkins Estates Limited

 

Ordinary shares

25%

25%

         
 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Subsidiary undertakings

Hawkins Roofing Limited

The principal activity of Hawkins Roofing Limited is commercial roofing.

Hawkins Steel Limited

The principal activity of Hawkins Steel Limited is steel fabrication and stockholding.

Hawkins Projects Limited

The principal activity of Hawkins Projects Limited is project management.

Hawkins Steel (UK) Ltd

The principal activity of Hawkins Steel (UK) Ltd is dormant..

Associates

Hawkins Estates Limited

The principal activity of Hawkins Estates Limited is property development.

The registered office of each of the above subsidiary undertakings and associates is 4 South Bar Street, Banbury, Oxfordshire, OX16 9AA.

15

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other inventories

39,128

38,850

-

-

16

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

3,395,876

1,942,794

268,450

202,030

Other debtors

 

1,783,993

785,527

1,754,735

783,809

Prepayments

 

132,128

107,283

120,873

107,283

Gross amount due from customers for contract work

 

516,355

853,457

-

-

Income tax asset

11

1

25,816

1

-

Total current trade and other debtors

 

5,828,353

3,714,877

2,144,059

1,093,122

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

478

692

(1,169)

(95)

Cash at bank

3,572,426

3,661,130

81,864

101,537

Short-term deposits

9,498,118

7,025,350

9,498,118

7,025,350

13,071,022

10,687,172

9,578,813

7,126,792

18

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,405,340

1,661,660

120,296

110,756

Amounts due to group undertakings

 

-

-

3,979,200

3,561,000

Social security and other taxes

 

1,040,978

660,905

18,211

18,731

Outstanding defined contribution pension costs

 

12,859

11,312

2,653

2,052

Other payables

 

207,752

54,128

8,952

14,366

Accrued expenses

 

878,202

636,900

310,150

309,851

Corporation tax

 

352,569

227,433

-

-

Amounts paid in advance by clients

 

979,936

1,470,197

-

-

 

5,877,636

4,722,535

4,439,462

4,016,756

19

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 October 2022

193,286

193,286

Increase (decrease) in existing provisions

148,835

148,835

At 30 September 2023

342,121

342,121

Company

Deferred tax
£

Total
£

At 1 October 2022

193,286

193,286

Increase (decrease) in existing provisions

148,835

148,835

At 30 September 2023

342,121

342,121

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £229,591 (2022 - £168,100).

Contributions totalling £12,859 (2022 - £11,312) were payable to the scheme at the end of the year and are included in creditors.

21

Lease commitments

Group

Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

2023
£

2022
£

1 year

36,000

36,000

2 - 5 years

36,000

36,000

72,000

72,000

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

40

40

40

40

         
 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

23

Related party transactions

Group

During the year the company made the following related party transactions:

M G Hawkins and M D Hawkins
(M D Hawkins - director, M G Hawkins - ceased to be director in 2016)

During the period the company paid dividends to M G Hawkins and M D Hawkins totalling £1,000,000 (2022 - £Nil)

During the period the company rented premises owned jointly by M G Hawkins and M D Hawkins for £123,000 (2022 - £123,000). At the balance sheet date the amount due to M G Hawkins and M D Hawkins was £Nil (2022 - £Nil)

M D Hawkins and L Hawkins
(M D Hawkins - director, L Hawkins - director's spouse)

During the period the company rented premises owned jointly by a pension scheme for M D Hawkins and L Hawkins for £36,000 (2022 - £36,000). At the balance sheet date the amount due to M D Hawkins and L Hawkins was £nil (2022 - £nil)

Included within debtors is an amount owing from Great Wharf Properties Limited (a company controlled by M D Hawkins) of £1,725,000 (2022 -£750,000) which has a guarantee of £1,200,000. The loan is repayable over 8 years and is at a commercial rate of interest,

During the period the company rented premises owned by Great Wharf Properties Limited (a company under common control of M D Hawkins) for £115,716 (2022 - £134,784).

 

Hawkins Group of Companies Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Summary of transactions with subsidiaries

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

 

24

Reserves

Profit and Loss Account
The profit and loss reserve includes all current and prior period retained profits and losses

Capital Redemption Reserve
The capital redemption reserve is a non-distributable reserve against all share capital redeemed in the current and prior periods